FBR Considers PKR 5100bln Target for 20-21 Budget, SBP Receives $1.39Bln from IMF

Islamabad (Business Correspondent): Federal Board of Revenue is considering a target of PKR 5100 billion for the next fiscal year. Meanwhile, State Bank announced that it has received US $1.39 billion from International Monetary Fund under the Rapid Financing Instrument. .

State Bank confirmed receiving IMF money in a tweet.

FBR target for 2020-2021 Budget:

Sources in the FBR said revenue target for the next fiscal year is likely to be PKR 5100 billion. In the first quarter, FBR will have a target of PKR 1000 billion due to COVID-19 impact. However, FBR expects resumption of business activity at large scale from October 2020. Therefore, total revenue target for the next three quarter will be around PKR 4100, which PKR 1333 billion every quarter.

Sources said FBR will achieve this year’s revised target of PKR 3900 billion. However, this month they have faced loss of PKR 200 billion due to lock-down. Sources said Ramadan buying will help recovering some losses while from May business activity will gear up to provide more revenues.

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